Skip to main content

tv   Varney Company  FOX Business  June 19, 2019 9:00am-12:00pm EDT

9:00 am
maria: it has been an incredible week here in cannes. the biggest week for advertising and marketing of the year. there's the beautiful shots of where we are situated right here. thanks for joining us. cheryl, john, see you soon, guys. >> loved it. loved every minute. >> we miss you. maria: have a great day. see you back at the ranch. "varney & company" begins right now. stuart: the ranch? is that what my studio is called? maria: the ranch is our headquarters. our headquarters. fox business headquarters. stuart: good morning to you, anyway. good morning, everyone. whoa. that was some rally last night as the president kicked off his 2020 campaign. huge, enthusiastic crowd. we are going to play you the highlights in just a moment but to me, forgive me for editorializing here but to me the defining line was this. i'm quoting. our political opponents look down with hatred on our values
9:01 am
and with utter disdain for the people whose lives they want to run. good stuff. that's a blast right at the elites. that's the president's theme for 2020. they don't care about you but i do. in the last 24 hours, the president's campaign brought in a record $24.8 million, almost entirely from small donations. in new york city, joe biden raised $20 million entirely from the elites. i think it's time we got to the fed, shall we? five hours from now the interest rate decision and more importantly, the outlook for rate cuts later this year. that arrives at 2:00 p.m. eastern. we will also see if chairman powell responds to the intense pressure for a rate cut that he's getting from the president. a flat market in advance of that. the interest rate news from around the world this morning is grim. not here, no, over there. in four european countries and japan, things are so bad that
9:02 am
when you buy a government bond, you don't get any interest. in fact, they keep some of your money. no wonder the money is coming over here in droves. i want to get to facebook. maxine waters does not like their new libra digital currency. she chairs the financial services committee and she wants facebook to stop libra's development. lot of opposition from the regulators, and the stock which went up on the libra announcement is now moving lower, back to $187. stay there, please. you are going to hear more from the president's speech in a moment and if you can stay with us, you will see keith hernandez. he's kind of the trump of baseball. he speaks his mind. he does. "varney & company" is about to begin. our economy is the envy of the world, perhaps the greatest economy we've had in the history
9:03 am
of our country. our radical democrat opponents are driven by hatred, prejudice and rage. they want to destroy our country as we know it. if i deleted one e-mail like a love note to melania, it's the electric chair for trump. remember the only thing these corrupt politicians will understand is an earthquake at the ballot box. that is why tonight, i stand before you to officially launch my campaign for a second term as president of the united states. stuart: it's official. the president at his campaign rally in orlando last night. talking tough on immigration and a lot of other things, too. now, here's how joe biden responded. it was in a tweet. here it is. let's be clear. president trump inherited a growing economy from the
9:04 am
obama/biden administration and now he's in the process of squandering it. okay. we will pass some judgment on that in a moment. listen to what bernie sanders said. roll that tape. >> we have a president who is a racist, who is a sexist, who is a homophobe, who is a xenophobe and he is a reoligious bigot. his strategy to win re-election is to divide the american people. stuart: that man on your screen, brad blakeman, former assistant to george w. bush. what bernie sanders had to say there sounded a lot like hillary clinton and the deplorable speech. >> no doubt about it. democrats haven't learned their lesson. it's not enough to be against trump. it's not enough to be against anybody. you have to stand for something. what democrats stand for, the american people are not going to buy. we are not a socialist nation, we never will be. it's about earning what you are capable of doing and it's about rising and using your abilities
9:05 am
to the best of your ability. stuart: it's also about the way they, as in they, the democrats and elites, think of us. i want to go back to this. he said, the president said our political opponents look down with hatred on our values. i think he just declared war on the leelites all over again. >> the average american is not an elitist. the average american is looking to raise their children and make a living. that's what he's talking about. because that's where the president has raised up in this economy. we are at full employment. minority employment is through the roof. women employment is through the roof. the president is delivering to everybody in this country. stuart: joe biden says the president is squandering the economy which he grew with obama. >> well, i think biden yearns for the day when he could have his bad economy as this president has delivered for us. if this is a bad economy, i don't know what a good economy is because this economy is hitting on every cylinder. stuart: they are just making it up. that's my personal opinion.
9:06 am
now, the other side of the coin is the recent polls. which do not look good for president trump. earlier this week the fox poll showed that joe biden led the president by i think it was ten points. then we had a michigan poll, biden leads trump again, double digits, i think 11 points there. look at that. then we have a quinnipiac poll from florida showing biden 50, trump 41. you know, you can't just dismiss all of this. how do you account for these terrible polls? >> i dismiss them. here's why. national polls aren't worth the paper they are written on because primaries are state by state events. remember, trump doesn't have a primary. by the way, for the last two and a half years, the president has been beaten up by a mainstream media. now we have 26 candidates, democrats beating him up every day. the president has not had the opportunity to get out there and campaign. you saw the rally last night. joe biden can't fill up the men's room in a truck stop and you have president trump, 20,000 some people and thousands who
9:07 am
can't get in. when i looked at the polls last time with hillary clinton, trump had the same deficit. don't trust national polls this early in state by state primary events and eventually, national polls will mean something. when? in that 90 days when we are running a general election. stuart: that was a little harsh. couldn't fill up a men's room at a truck stop. >> that's the truth. biden's rallies are anemic at best. stuart: we will leave it at that. thank you. all right. i've got to move on to china trade because that's a huge issue. which camera? where are you? you're there. all right. got you. president trump will meet with xi jinping at the g20 summit later this month. in my opinion, xi has been brought to the table by his own domestic problems and pressure from president trump. let's see if gordon chang agrees with me. what do you say? >> i certainly agree. right now, xi jinping is facing multiple crises. he's got hong kong, of course,
9:08 am
two million people in the streets. he's got the trade friction with the united states and a general issue, in beijing they are saying who lost america. then there's the economy. the chinese economy from may looked like it was zero growth, maybe 1, maybe even negative 1. it's not just the economy that's a problem. he's got the beginning of capital flight and he's got factories, foreign and chinese, leaving china. he's got to deal with that all at the same time. multiple problems. he's never had to do that before. in the last five years he's just intimidated everyone to do what he wants. now he can't do that anymore. stuart: but can he agree to stop stealing intellectual property, to stop the forced transfer of technology? that's the big sticking issues. i'm sure he can agree to i'll take $200 billion worth of farm product from america. i'm sure he can do that very easily but the intellectual property and stealing technology, that's not easy for him to agree to. >> well, he can agree to it, stuart -- stuart: and not do anything about it. >> he can't do anything about
9:09 am
it. you got to remember, in the beginning of may, he withdrew these trade commitments across the board to the united states. i think the reason he did that was because he did make those commitments in april but he found out that he couldn't force the state enterprises to adhere. so he's not going to be able to tell the head of a chinese oil company or whatever, stop stealing foreign technology. that's just not going to happen. first of all, he doesn't want to stop stealing. second of all, he doesn't have the power in china's system to be able to force that through. stuart: here's what i think will happen at the meeting. there will be smiles, a handshake and an agreement to china to import a ton of american stuff, and a framework to keep talking. would that satisfy mr. trump? it would certainly satisfy xi jinping. >> yeah, i don't know what the president would do. i'm not sure that the chinese are going to make any firm commitments at the g20 at the end of this month. i think what they will do is agree to a new framework to talk and that can take months. but that's a victory for the
9:10 am
united states. the reason is the longer this trade friction continues, the more factories leave china. the nikkei report that apple is planning to move 15%, 20% of its production out of china, that's significant. stuart: it's a big deal. gordon chang, thank you very much. see you again soon. look at the markets. we are opening up in 20 minutes' time. we will be up -- look, it's a flat to slightly higher market in advance of the federal reserve declaration on rates. a massive cocaine bust in philadelphia. the fed seized more than $1 billion worth of the drug. we will tell you in a moment where that drug was headed. it's not for america. sandy beaches in the dominican republic, lots of tourists every year but the unexplained deaths of several americans has a lot of people wondering if it's safe to go there. we are on that story. president trump says i.c.e., the immigration people, will start deporting millions of
9:11 am
illegals. that was quite a warning shot, wasn't it? former acting i.c.e. director tom h oman is next on that. "varney & company" just getting started. only pay for what you need. liberty. liberty. liberty. liberty. ♪
9:12 am
9:13 am
9:14 am
stuart: house financial services chair maxine waters wants facebook's digital currency, the libra, delayed. what's going on? susan: libra won't be introduced until next year but maxine waters says, given the company's troubled past, i'm requesting facebook agree the a moratorium on any movement forward on developing a crypto currency until congress and regulators have the opportunity to examine these issues and take action. it's a bipartisan issue because we also have the top republican on the house financial services committee, patrick mchenry, saying we may need more time to assess this new offering from facebook. senator mark warner of course has chimed in, sherrod brown. this won't even be introduced until next year and is this necessarily a facebook issue
9:15 am
because we have other bitcoin traders out there already. what about apple pay, very similar to what facebook wants to do. whose purview does this come under, the ftc, the fed or the s.e.c.? there are so many questions still. it won't be introduced until 2020 so there's still some time to try to figure it out. stuart: but the opposition did pull the stock down after it had been on a tear. susan: it's down half a percent in premarket. but it did rally yesterday. stuart: do you remember, i'm sure you do, when president trump tweeted this about immigration. i will quote it for you. next week, i.c.e. will begin the process of removing the millions of illegal aliens who have found their way into the united states. they will be removed as fast as they come in. mexico using their strong immigration laws is doing a very good job of stopping people. joining us now, tom homan, former acting i.c.e. director. tom, i see that as a warning shot. hey, watch out, i'm going to start doing this. it's not that he's going to be
9:16 am
removing millions in the near future. it's a warning shot. is that your reading, too? >> he's saying that i.c.e. is already doing a lot of this. half of i.c.e., you got 14,000 law enforcement officers, half those officers are called deportation officers because their job is to seek out those with orders. what the president is saying, we are going to do more of it. so yeah, will we move a million people over the next couple months, no, but they will step up their efforts and show the central americans are coming up and claiming asylum, that we are a nation of laws and we are going to have integrity in our system. if you get ordered removed by a judge, you need to leave. stuart: do you have the resources to take people out? >> well, look, i.c.e. has 14,000 officers. half are deportation officers but the other half are called special agents. they also have title 8 authority so they can make immigration arrests. there is family detention centers and there's beds available that it can turn on. of course, they will need funding from congress.
9:17 am
whether congress gives that to them or not. look, these men and women are dedicated professionals. they will find a way to get this done. again, it won't be as big as the president wants it to be right off but they can start stepping up the enforcement efforts. we talked about this on the show before. i did this in fy '15, looked for families and removed them and guess what, border numbers went down. it's way beyond time to do this. i have been talking about this for months. i'm glad they are finally stepping up and doing it. stuart: last night, president trump slammed the democrats for not supporting i.c.e. let's have a look at that. >> the heroes of i.c.e., border patrol and law enforcement generally throughout our country. and in the ultimate act of moral cowardice, not one democrat candidate for president, not a single one, has stood up to defend the incredible men and women of i.c.e. and border patrol. they don't have the character, the virtue, the spine to do it. stuart: tom, did you write that script?
9:18 am
>> i really could -- very could have well. the president is right on the money. every democrat running for president wants to abolish i.c.e. rather than doing their job and fixing the immigration laws, they would much rather abolish a federal law enforcement agency that does a lot to protect this country. he's right on the money. if i didn't write it, i wish i would have. stuart: i don't know whether you will answer this or not but i'm going to ask anyway. put the man on camera. you know what's coming, tom. are you going to be the next border czar? >> we'll see. i've had discussions on this and do i want to leave all this? we'll see. i'm a patriot at heart. i come back from retirement once. will i come back a second time? never say never. stuart: never say never. that's the best answer i've had yet. tom homan, thank you very much indeed. we hope to see you again real soon. sure thing. >> thanks for having me. stuart: have a look at futures in advance of the fed's decision on interest rates and their
9:19 am
outlook. we are just flat to slightly higher across the board. i got news for disney theme park fans. watch out. they are raising prices. in a moment, we are going -- again, i should say. in a moment, we will tell you how much it costs to buy a premier annual pass. we've got the very big number for you after this. truecar is great for finding new cars. you're smart, you already knew that. but it's also great for finding the perfect used car. you'll see what a fair price is and you can connect with a truecar certified dealer. now you're even smarter. this is truecar.
9:20 am
9:21 am
9:22 am
hey! i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass.
9:23 am
stuart: i've done my thing at disney many times over, and the price of entry keeps going up. wait until you hear how much they're going to charge, let me get it right, for a premier annual pass. tell us. susan: $2100. it's an increase of $150. why are they doing this? because "star wars" is opening at walt disney world at the end of august. they think they can increase prices to hook you. you also get access to disneyland in california with this pass if you were so interested. stuart: $2,099 for a premier annual pass. in other words, i can go as often as i like in one year to any park. lauren: and parking is free. susan: do you skip the lines? lauren: that's a good question. i would hope so.
9:24 am
ashley: you should dress up as mickey mouse for that amount of money. stuart: amazes me how they keep on raising prices and keep filling the parks. susan: $20 billion in revenue for disney theme parks in 2018. that was before the "star wars." that's open in disneyland as of may and this one coming to disney world so expect that number to go up even more. there's interest. there's demand. they are doing it because they can. stuart: but $20 billion worldwide, the tokyo park, hong kong park, the french park, both sides -- both our coasts, $20 billion in revenue. and disney's stock just hit a record high couple of days ago. susan: fastest growing revenue contributor. now you know why. they are paying $2100. stuart: in economic terms that is the inelasticity of demand. you can put your price on and the demand is still there. it's inelastic. ashley: amazing in the world of e-games and everything else they still want to go in and see. lauren: there are so many
9:25 am
tie-ins between hollywood movies and the theme parks and all the gear you can buy. stuart: look at the stock price. case closed. it works. lauren: the economy is doing just fine. in your case it wouldn't matter. there is always going to be demand for disney. is what you are saying? stuart: right. yes. yes. yes. i will agree to that. five minutes, we open the market. we are going to be up ever so slightly. look, this is fed day. there's going to be a good deal of waiting around to see whether they cut rates today and how many times they might cut rates in the future. that's what they are waiting for. flat to slightly higher in advance of that. we'll be back with the opening bell. in my line of work,
9:26 am
i come face-to-face with a lot of behinds. so i know there's a big need for new gas-x maximum strength. it relieves pressure, bloating and discomfort fast. so no one needs to know you've got gas. gas-x. that have made the rx crathe leading luxury suvogy so no one needs to know you've got gas. of all time. lease the 2019 rx 350 for $399/month for 36 months. experience amazing at your lexus dealer.
9:27 am
9:28 am
is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology,
9:29 am
data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪ stuart: all right. that there is capitol hill. top trade guy robert lighthizer is going to be testifying before the house ways and means committee, i believe later on this morning. look, he's testifying about trade. whatever he says could move the market. this is a headline-driven market and trade is particularly important. we will keep an eye on that hearing for you. then there's this. employee bonuses are down and the media is telling us that's because the tax cuts were a one-off shot. ashley: that was a suggestion to say we have extra money, we are going to spread this around but maybe do a list of companies that were handing out bonuses,
9:30 am
now they are handing out other types of incentives, including a big increase in worker benefits. so not strictly true that it's a one-off. stuart: the media will do anything. all they ever want is a tax increase. here we go, 9:30 eastern time. we are off and running. we are up right from the get-go, 42 points higher for the dow industrials. 48. any advance on that? no, we're at 26,500. that's pretty good. how about the s&p in the very, very early going. fractional gain there. show me, please. yes, fractional gain. how about the nasdaq. big gain yesterday. how about this morning? yeah. up again, about a quarter percent on the nasdaq. tech's doing well. the ten-year treasury yield, 2.08% this morning. look at the price of gold. there's a rocket arrived at basra, an oil terminal in the gulf, no impact.
9:31 am
and oil, opec delayed its meeting for a week and oil is down to $53 per barrel. price of gas, $2.67, down 19 days in a row and i'm still waiting for $2.50 by july 4th. shah gilani is here, jack hough, susan li, ashley webster with us. here's what i think is going to happen at the fed meeting. see if you agree. i'm looking at you, shah. no rate cut today but they will signal two rate cuts in the future. what do you say? >> i don't agree. i think sure, there will be no cut today. no announcement today whatsoever. it's all going to be about forward guidance. i don't see the fed having any need, there's no necessity for them to forecast any rate cuts in future. i don't think they are going to go there. i think the market has probably baked some of that in and that they expect a rate cut or at least some forward guidance toward that and they may shake
9:32 am
down a little bit here because i don't think we will see that. susan: goldman sachs, bank of america agrees with shah saying there is -- there are no rate cuts this year. in fact, it's been -- i think markets have been overenthusiastic expecting one. having said that, i would say futures are trading 85% probability we will get a cut in july. stuart: hold on a second. jack, just for a second, no rate cut today and no signal of a rate cut for the rest of the year, i say the market if that happens, goes down. >> stock market tanks. you need strong language today about the possibility of a future rate cut because as you say, that's priced into the market. the flipside of that is if the fed anticipates, they say hey, we are thinking about cutting rates at some future point, the whole name of the game is stimulus. you want to surprise people, why not do it today. i think there's a possibility of a binary outcome here. if they are going to surprise people, they want to surprise them big today. if there's no language, no cut and no new language coming out of this thing, the market tanks. stuart: who knows. we will find out between about
9:33 am
2:00 p.m. eastern time this afternoon definitively. got it. facebook, is that stock up or down this morning? i think it's down two bucks. why? house financial services chair maxine waters wants the facebook digital currency, the libra, delayed. it's not down much, two bucks. looks like the regulatory opposition to the libra is not that -- well -- susan: it won't even be introduced until 2020 anyway. maxine waters says hey, we will delay that and others on the financial services board says let's have an assessment and forum to discuss it but if they are going to regulate facebook, what about the others? apple pay, bitcoin as well. stuart: i like it. i like the idea of an alternative currency with a -- i know you're laughing at me -- two and a half billion people on the platform, 90 million businesses. what's wrong with that? >> for stock investors the name of the game with facebook, the fifth or sixth largest company in america and revenues are growing at 24% right now. we rarely have seen a company
9:34 am
this big grow this fast. ashley: facebook has shown it's incapable of protecting its users' information, its data. when you start throwing in financial information, there is the concern. stuart: i don't think investors care about that. ashley: probably not. stuart: they care about future profits. the libra would add enormously to future profits. susan: and users as well. 2.7 billion, grown since cambridge analytica. people have not been deleting facebook. stuart: last word? >> none of the companies that had data breach issues, stocks have suffered very much. whatever is going to happen here i don't think it's going to hurt the stock. someone's got my address, great. someone wipes out my bank account, that's different. stuart: we will give you the last word and you did not move the market. still down two bucks. amazon is adding 15 boeing jets, freighters, actually, adding them to its fleet.
9:35 am
amazon is up five bucks. boeing is up nearly two bucks at $375. should fed ex and dhl and the others be worried? >> i think so. they should be worried. amazon air is just going to grow. i think the plan is for 70 planes in a couple of years. they already have 40 large 767s. they will add to that part of their fleet. yeah. i think fed ex and dhl, i think they should all be worried. at the end of the day, so should the other e-commerce and walmarts of the world. they are going to take over that space and make the cost of delivery for them nothing. it's going to be -- in the past when i have spoken with fred smith, chief of fed ex, he said amazon is never going to repeat what we do in terms of this vast logistics network but they don't have to. they can cherry-pick profitable routes. profits are growing, there are problems at fed ex. stuart: look at the big board. we are five minutes in and we have a 50-point gain for the dow
9:36 am
industrials. we are up across the board this morning but only a little. apple, looking at moving, this is the nikkei, they are looking at moving up to 30% of their production out of china. apple is getting close to $200 a share, not just on that news but they are close to $200. cbs reportedly planning an offer for sister company viacom according to fox business's charlie gasparino, our guy. the offer could be made in the coming weeks. cbs down a fraction. viacom up a fraction. barnes & noble reported before the bell this morning. sales down but they lost less money. they are still down nine cents. there is bitcoin, $9,130 as of now. we can never forget about or rule out beyond meat. look at it. it's down $1.80 at this point. one of our market watchers said that there aren't a lot of
9:37 am
shares available. that's what accounts for the wild swings. do you own beyond meat? >> no. it's far too speculative at this point in terms of where the stock trades. i like the idea of the company but in terms of the stock, there are 60 million shares outstanding, a little over 38 million shares float. those are the shares available to trade. yesterday, the volume was over 23 million shares. so 23 million shares trading and only 38 million available to trade, this is what's happening every single day with this stock. it's been in the top ten of the nasdaq volume leader. it makes it very volatile. ashley: short sellers love that. >> fake meat today is much better than the fake meat of the past. it still won't appeal to people who like meat. if you like fake meat, know who is well positioned to make it? companies that make real meat like tyson who is getting into the business. they already have the delivery network, refrigerated trucks and so on. susan: i think short sellers have lost $600 million as they have been shorting this stock since the ipo.
9:38 am
the stock rocketed past $200 at one point, we were up 700% from the ipo. i think they are still getting burned. they aren't closing down the short positions either. >> hard pressed to think this company is worth $10 billion. stuart: is that your final word? >> my final word. stuart: i want to look at disney. as we have reported, they are raising the price on the annual passes on the theme parks. jack, didn't you speak recently to robert iger about the theme parks? >> about theme parks and the rest of the business. this is for our top ceos issue this week. he's very pleased with the way things are going. this new "star wars" land that's opened in california and will soon open in florida. they actually had to restrict attendance in order to keep the crowds under control but they can see in terms of the merchandise sales and everything like that, that it's going very well. stuart: doesn't matter what they do to prices. the demand is always there. >> for investors, disney is making what you would think would be a risky move in the move to streaming. they have de-risked the move in their television business
9:39 am
because profits in their parks and films are so large right now. those have actually taken over from tv as the biggest earner for the company. stuart: that's disney for you. look at lululemon. susan: look at it. stuart: this is an echo chamber. look at lululemon. they are moving beyond their $100 yoga pants and gearing up to sell personal care products. shampoo, deodorant, logical move, i guess. >> they are selling something called dry shampoo. i'm not going to lie to you. i had to google it. stuart: you don't need it. >> you are looking at a man who washes his hair with a bar of soap. i'm not exactly up on the dry shampoo. it's a thing. look, they are selling $35 shampoo. they see a margin opportunity. yeah, if you are selling shampoo for 35 bucks there's a margin opportunity. these are people into their looks. the shareholders seem to like it. be careful about devaluing your brand by spreading yourself thin. susan: they sell $100 yoga pants, of course the dry shampoo
9:40 am
will cost $35, face moisturizer $48. this company's stock has rocketed this year by 50%. foot traffic up in the past quarter. atleisure is back. they diversified their offerings and they seem to be back from those see-through pants. stuart: i remember those. how much for deodorant? susan: it was $18. stuart: okay. susan: which i'm sure jack would pay for. >> i pay a dollar and a half. stuart: enough of this. 9:40 eastern time, sports fans. thank you, jack. thank you, shah. good stuff indeed. check the big board. modest gain, we are up 50 points on the dow. look at that level, 26,520. i think we are within 1% of the all-time high. susan: that's correct. stuart: getting close. a fox business programming note. neil cavuto will interview jeffrey gundlach, the so-called
9:41 am
bond king, at noon eastern on "coast to coast." that is on today. new york will start issuing drivers licenses to illegals but even the lawmaker who sponsored the bill now admits it could lead to voter fraud. oh, really. we've got that figured out. two-time world series champ keith hernandez, he joins us. he's going to be in the studio talking face-to-face to me. i want to know if he's watching the world cup and what does he think is more entertaining, baseball or soccer. we will talk about a lot of other things as well. including the "seinfeld" clip. speaking of the world cup, watch the team usa face off against sweden tomorrow at 3:00 eastern time on fox. by the way, it's england against japan on fox today. very important. it is important, mr. producer. we'll be right back. so with a nationwide annuity, you can get protected
9:42 am
monthly income for the rest of your life. that's what i'm talking about. how about those song lyrics? what song lyrics? tell him again. tell him again. repeat it. yeah, same thing. (advisor) so with a nationwide annuity, you can get protected... at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond.
9:43 am
♪ heannouncer: more details incoming involving volkswagen and the growing scandal. dissatisfied customers filing complaints against the german auto maker. ♪ because a vision softly creeping ♪ ♪ left its seeds while i was sleeping ♪ ♪ and the vision ♪ that was planted in my brain ♪ ♪ still remains ♪ within the sound of silence ♪ in restless dreams i walked alone ♪ ♪ narrow streets of cobblestone ♪ ♪ when my eyes were stabbed ♪ by the flash of a neon light ♪ ♪ that split the night ♪ and touched the sound of silence ♪
9:44 am
stuart: now the gain is 62 points, roughly a quarter of 1%. pg & e, california utility, they are going to pay $1 billion to local governments for that wildfire damage. that covers taxpayer losses because of those three wildfires in northern california. but that billion dollars is going to be paid for by juice consumer, electricity consumers in california. that's the way it goes. house financial services chair maxine waters wants facebook's digital currency delayed, as we have told you this morning. joining us is jeff landreau, attorney general of the state of louisiana. do you want facebook to stop development of this new digital currency as maxine waters wants? >> well, look, certainly i have the same concerns.
9:45 am
the interesting thing about all of the controversy around big tech is that you really are seeing bipartisan concern, people on both sides of the aisle are having concerns about the way that big tech is operating. i read the story like many americans over the last couple of days, i think it was yesterday when i read -- basically when facebook was in a rollout of this currency and the first thing that came to mind is this is concerning. stuart: well, do you want the operations like facebook to change their business model? i mean, at the moment, i get on to facebook, i communicate with everybody for free. in return, they get my information. would you like to break that business relationship, break that business model? >> well, the question is, is it free. that is the million dollar question that we are all asking and the concern that many attorney generals around the
9:46 am
country are having. is it actually free. are you getting something for free or the information and data they are mining off of you, what is the monetization of that. so is what you're getting equal to what you're giving. again, that's the ultimate question. one of the big concerns -- stuart: how do you answer that question? mr. attorney general, answer that question. are you getting an equivalent to what you're giving? would you answer that question? >> yeah, i believe no. i believe absolutely not. i don't believe that the consumer out there is receiving equal benefit for what big tech is mining off of them. that's part of the frustration and part of the obstacles out there is educating the consumer and ensuring that the data they are giving big tech is equal, that there is a quid pro quo. stuart: do you think it will ever really change? i mean, they take your information, they use it, they sell it, and you get stuff in return. you ever think that's really
9:47 am
going to change? >> well, is the stuff equal to what they're taking and do people actually understand what they're mining off of them. look, i walk around each and every day, i bump into consumers, people are troubled by the fact they might say something in their home, even near their smartphone or near alexa or one of the other listening devices, and then they pull up their phone or their pc and if they're talking about, you know, a pair of shoes, pair of shoes end up being advertised on a particular browser they're looking. it gives me concerns, how is that happening, why is that happening, what else is big tech gathering from me? stuart: mr. landry, jeff landry, louisiana attorney general, thanks for coming back on the show. it's a complicated subject but i want to get to grips with it and you are helping us. thanks very much, mr. attorney general. >> thank you. stuart: how about this one. a new law in new york state
9:48 am
gives drivers licenses to illegals. there's a loophole in the law that could lead, could, to voter fraud. susan: all you need is government i.d. to vote. there is a box that asks you if you're eligible to vote but that's an honor system and this is after new york state passed the green light bill on monday night. govern jor cuomo signed it, pasd the senate, basically it gives illegals a voter i.d., a driver's license which allows them to use it as i.d. and take flights as well. however, as you know in new york state, if you provide any sort of government i.d. which is usually a driver's license, you can, you know, step into a voting booth. now, whether or not it's legal or eligible, that's a different case. stuart: look, it is not -- susan: they are not going to go through each and every vote when there's hundreds of thousands, millions to count, right? stuart: you show up at the voting booth, flash the official driver's license and walk in. i get it. will it be challenged? ashley: the honor system?
9:49 am
they are in the country illegally. what kind of honor are they going to have? stuart: it's called lining up democrat votes, in my personal opinion. check the market, please. we are 18 minutes into the trading session and we are up 40 points. more than half of the dow 30 are in the green. people on the east coast may want to think twice before taking a swim in the ocean this summer. doctors say, wait for it, there's a dangerous flesh-eating bacteria and it's on the rise. ashley: great. stuart: we will deal with that, right after this. this is the durabed of the all new chevy silverado. it looks real sturdy. -the bed is huge. it has available led cargo area lighting. lights up the entire bed. it even offers a built in 120 volt outlet. wow. plug that in for me. whoa! -holy smokes! -oh wow! and the all new silverado has more trim levels than any other pickup. whoa! oh wow! -very cool. there's something for all of us.
9:50 am
absolutely. it's time to upgrade. (laughter) has been excellent. they really appreciate the military family and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. it was funny because when we would call another insurance company, hey would say "oh we can't beat usaa" we're the webber family. we're the tenney's we're the hayles, and we're usaa members for life.
9:51 am
♪ get your usaa auto insurance quote today. the latest inisn't just a store.ty it's a save more with a new kind of wireless network store. it's a look what your wifi can do now store. a get your questions answered by awesome experts store. it's a now there's one store that connects your life like never before store. the xfinity store is here. and it's simple, easy, awesome.
9:52 am
9:53 am
stuart: at least nine americans have died in the dominican republic just over the past year. lots of questions about what happened here. doc siegel is with us. doctor, lot of people have asked me, should i cancel my dominican republic vacation. what would you say? >> well, i'm not a travel agent. stuart: no, you're not. but what happened? >> this is raising eyebrows. i think the dominican republic has to come up with some answers. nine people, two more announced in the last week from june, in their 50s, sudden death, respiratory failure in several of the cases, couple of the cases said they had just drank from the mini bar. there's been 105 homicides in
9:54 am
the dominican republic of americans from 2002 to 2017. state department rates dominican republic as a level 2 in terms of safety, meaning there is violence there, there are gangs there, there is assault there. but it's level 2, it ain't level 4. level 4 is the worst which is basically warning, warning, warning. they might raise it to level 3 over this. i think we have to have explanations. you know what really puzzles me? stuart, you could say natural causes all you want but why does a couple die simultaneously in a room? how does that happen? and the woman drinking from a bar, and i looked at her autopsy and that right coronary lesion doesn't do it for me. i'm not convinced this was a sudden heart attack in a 41-year-old. i do wonder whether there could be poison involved. i want to see these toxicology reports. they do shabby autopsies down there. the fbi is now involved but we don't have answers. we need answers before i can tell you how safe it is. meantime, think about hawaii.
9:55 am
or florida. stuart: what's this about a dangerous flesh-eating bacteria on the rise at some popular east coast beaches? that sounds sensational, flesh-eating bacteria. should we be scared? >> certainly does. stuart: how many cases? >> 205 cases a year in the united states. now they've got five in the northeast. they usually don't see it up here. water's been a little warmer up here than before. here's the take-home. it has to do with uncooked seafood. so really, if you want to take this seriously, especially in the south, you don't go into the water with open wounds and you don't eat uncooked seafood. one of the guys who got this was handling seafood and i'm talking about, you know, lobster and crayfish, crab. he was a crabber and he was handling it, of course it's uncooked. he was taking it out of the water. so the answer to your question is it's pretty sensationalistic. chances of you getting this is
9:56 am
very, very low. i still say don't go into the water with wounds. by the way, we can treat it. if we catch it early, we can treat it. there's antibiotics that work. we could save your life. you start off with gi symptoms, then you get these terrible wounds. i don't want to be too graphic. stuart: please don't. >> we can save your life. but it's small, small, small numbers. stuart: what i would say is don't go in the water with a wound. >> don't go in the water with a wound. don't eat uncooked seafood. stuart: well, no sushi? susan: yeah. >> not talking about sushi. i'm talking about lobster and shrimp. i'm talking about the bottom dwellers. stuart: define your terms. i believe that's called trace, is it not? >> don't eat uncooked shellfish. susan: there you go. stuart: there you go. thank you very much indeed. >> good to be here. stuart: sensational. all right. the feds, they want colleges to implement mandatory financial literary courses for all students. very interesting. do you really want, say,
9:57 am
overland college teaching financial literacy? i have to ask. we're on it. president trump kicked off his 2020 campaign in an arena full of very enthusiastic supporters. yes, he did. compare that to joe biden's opening campaign. he opened with a three-minute video. something of a contrast, i'd say. my take on that is next. looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪ ♪
9:58 am
there are roadside attractions. and then there's our world-famous on-road attraction. the 2019 glc. lease the glc 300 suv for just $459 a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing. . .
9:59 am
10:00 am
stuart: oh, it was a very sharp contrast. president trump kicked off the 2020 campaign last night in front of 20,000 very eager supporters. joe biden opened his campaign with a three minute video. the president and leading contender, radically different in style, tone, yes, policy. donald trump is a president like no other and that difference was on full display in orlando. he engages the crowd. he warms to them. they feed off him. it is electric. it is dynamic. he has life and energy and he
10:01 am
speaks directly to middle america. for me this was the key moment, he said, i'm quoting now. our political opponents look down with hatred on our values and with utter disdain for the people whose lives they want to run. oh, that summed it up. he called out the elites. with that line president trump threw down the gauntlet and exposed the elites to the judgment that they deserve. our social superiors will brush off the immigration chaos and call us names. trump won't. he will do something about it. they, the elites, play down terrorism. they don't to talk about. trump confronts it home and abroad. elites want you to suffer in the name of climate activism. trump took us out of the ruinous paris accord. they look down on us. they do. they think they are better than us. bernie sanders came right out with it. the president he says is a racist, sexist, xenophobic
10:02 am
religious big got. that reminds me of hillary clinton disasterous, deplorable speech. joe biden, his response. classic elitism. he tweeted that the president was squandering the economic gains which he says started with the obama-biden administration. squandering? are you kidding? they're just making it up. so the battle lines have now been clearly drawn. it is us, trump, versus the elites, bernie, joe, and all. america as a good place, versus america as a bad place. same as 16. i will leave it at that. the second hour of "varney & company" is about to begin. ♪ >> our political opponents look down with hatred on our values and utter disdain for the people whose lives they want to run. a vote for any democrat in 2020,
10:03 am
is a vote for the rise of radical socialism and the destruction of the american dream. we begin our campaign with the best record, the best results, the best agenda, and the only positive vision for our country's future. stuart: we thought we would let the president speak for himself and he did at his re-election kickoff last night in orlando. let's get straight at it. liz peek with us, columnist. liz, you heard what i had to say. >> i did. stuart: it is trump versus the elites. where am i going wrong? >> our not going wrong. that is what will drive this campaign. what is amazing to me democrats continue to call out trump not realizing maybe that trump supporters recognize they're also calling out them for being racist, misogynous and xenophobic, et cetera. it is exactly like the deplorable comment. what we saw last night was incredible energy and passion and commitment that this
10:04 am
president brings to this campaign. you contrast that as you already have done with vice president biden hasn't appeared with any of his peers, who next week will take the stage a crowded stage with nine other democrats, all wanting the nomination and he is going to look weak and pandering and, uncommitted to the things that progressive want to see in their candidate. i think it is a startling comparison, compared with last night the energy won't be there, the commitment won't be there, he will be pushed by moderators to be extreme on all the things you talked about, on abortion, on climate, joe biden isn't extreme. here is the final thought on this. i'm really on a roll here. joe biden's main thing he, everybody thinks he is the person can beat donald trump if voters see i'm not sure a faceoff between these two will work out the way we want, what does biden have to offer? stuart: let me ask you an honest
10:05 am
question, difficult question, do you think joe biden has the energy to see it all the way through to november 2020? >> i really don't. if i were he, there already have been comments to that effect, he is a little tired, a little old, forgive me, but he is looking like that, how could his campaign not have him out there every day? i mean, if you want to counter that message, be aggressive, show up everywhere. don't, i mean all these forums where biden has been a no-show has allowed his competitors to make headway. elizabeth warren is eating his lunch right now. he started out at 41% in the beginning of may. down to 34% now. that is only going to continue. i don't think joe biden is the candidate, i think, by the way the other thing that will kill him, he raised half a million dollars, a record-setting amount at a wall street fund-raiser last night or two nights ago. that is not going play well on the democratic side. i mean elizabeth warren won't
10:06 am
take any money from the big fund-raisers. bernie sanders thinks it is a sinful thing to do. all the progressive voters in the primaries they say he is cozying up to wall street. what could be worse? stuart: this one, i want to listen to some media comment and their reaction to the president's speech last night. roll a series of tapes, please. >> shows no desire whatsoever to try and actually seize this moment to do something different. >> he is like a record who is stuck on the same groove. it was a very dark speech. >> trump is beginning his re-election campaign with threats. >> we need to see the disconnect between a rally like tonight and reality. >> meet the new trump. same as the old trump. slamming his adversaries including hillary clinton. >> you could probably see his speechwriters holding their head in their hands, oh, my god, just read the prompter. stuart: i don't know if that does much for ratings.
10:07 am
that was the nasty, sarcastic comments. >> what is darker, saying the country is in such trouble, everything we know persisted in for centuries is need to be overturn and or saying our country is great and doing things historically to make ourself a beacon for everyone around the world. that to me is a positive message. that is trump's message. guess what, a lot of people voted for that before. i think they will again. stuart: really were on a roll. you really were. >> it was fun. you know that is what the left doesn't get also. those rallies are fun. people love going to those, hearing him. stuart: all those media people, did you see a single smile. >> they're so dour. stuart: they have no sense of humor whatsoever. >> you know what? they really don't. if you have ever been to a trump speech, he is funny and also sometimes believe it or not self-deprecating which they will never report on that. stuart: wait a minute? >> he can do that believe it or not. stuart: you're still on a roll.
10:08 am
>> sorry about that. stuart: great performance, liz. thank you very much indeed. let's get serious. talk about money. the market shows a modest gain ahead of the fed decision this afternoon. brad mcmillan, commonwealth financial network guy, studies the market, studies money. look not towards the fed first. look towards xi jinping, donald trump meeting, 10 days away maybe, something like that. i think that what we're going to get is a smile and a handshake. i don't know about the substance of a deal. i think that is what we're going to get. i think that is what the market is looking for. what do you say? >> i completely agree, stuart. smile and a handshake. we might get more than that. what has been teased is this meeting that why would they be teasing? yes we're talking. yes this is going to happen. what great optics and great visual to come back with a deal from that. so i think, you're right, that is a minimum. i wouldn't rule out something
10:09 am
more. stuart: but this market depends on that, doesn't it? if you don't get any of that, what happens to the market? i'm guessing it goes down, doesn't it? >> it would go down. there are positive expectations built in with xi xinping-trump meeting. with the fed this afternoon. there is a lot of good things built in. think about what you're saying. there are good expectations built in, but the fundamentals are also pretty solid. the economy continues to do better. that is what people will remember eventually. stuart: you're right. the bottom line for stock prices is essentially profitability from america's corporations. in a growing economy, profits should grow. that is what you should be talking about here. >> that is exactly what i'm talking about. job growth, we had a tough last month but year on year we're doing incredibly well. if you look at consumer spending that has ticked back up. if you look at consumer confidence, it is extremely positive. over 70% of the economy will continue to do very well. that is not what is getting
10:10 am
priced into market when they pull back. stuart: my opinion is that this afternoon there will be no rate cut now but maybe the fed will signal two rate cuts later this year. where am i going wrong? >> totally agree with you on the no rate cut. the reason things are pretty good as we just said. so there is need for the fed to back off. there is no need for them to put bullet into the economy they don't need to. they will hold their fire. they will keep their powder dry. they will say, because things are actually good. stuart: what about guidance for the future. do you think chairman powell has to retreat from rate cuts because he doesn't want to look like he is bowing to pressure from the president? you think that might happen? >> i think there is certainly some perception there. i think it makes it harder for the fed to signal, even if they want to. for the fact they don't really have to in my opinion, also the fact they don't want to be perceived yielding to pressure,
10:11 am
i think they sit tight, do it with commentary later on. stuart: let's see what the market does about that. brad mcmillan, thank you very much. we told you huge, i mean huge crowds at the president's rally in orlando last night. is he doing enough to appeal to young voters? good question. next up we have chairman of the young republican with us. will millenials vote for trump. lawmakers set to pass a green new deal, one of the nation's most aggressive climate plans. we want to know how much will it cost? and how many people will leave because of it? this is the second hour of "varney & company." ♪ i'm really into this car,
10:12 am
10:13 am
but how do i know if i'm getting a good deal? i tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if i'm getting a great price. this is how car buying was always meant to be. this is truecar.
10:14 am
10:15 am
stuart: modest gain on fed day. wait until 2:00 if they're cutting rates. 2:30 if they cut rates in the future. we'll see. lululemon, the yoga pants people, you know that they may sell a line of personal care products, shampoo. how about $18 a pop deodorant? that is the price from lululemon. the stock barely budged. the president called out democrats at the big rally. watch this. >> this election is about you, about your family, your future and the fate of your country. we begin our campaign with the best record, the best results, the best agenda and the only positive vision for our country's future. stuart: kind of spelled it out, didn't he? joining us now, jason emmett, young republican national federation chair. you have a tough job on your hands but tell me this, what did
10:16 am
the president say last night that would get millenials to vote for him? >> first off, stuart, thank you for having me. stuart: you're welcome. >> honor to be with you here in studio. president trump really spoke to the nation, with that the millenials are largest voting block, they have a president fighting for them. he is fighting for putting americans first. stuart: what did he say specifically towards millenials? you have opposition, democrats saying free college, wipe out student debt. that is what they're saying. that is appealing to millenials. what did the president say that will get them to vote for them? >> you're absolutely right. democrat problem is everything. with that comes is more government. what campaign has been about, what the launch last night was about, personal responsibility, individual liberty, less government more freedom. stuart: how does that go down? when i was that age, i'm not so sure i would want really personal responsibility pinned on me, thank you very much. >> this is the most independent generation, everybody is glued to their phones. everybody is out to seek their
10:17 am
own personal self-worth or value but this is a generation that values individual freedom. i think that is a message that republicans can gear up towards. that is a message that president trump has reiterated time and time again. look, we have a, we have a tough job to reach millenials. my generation, but we also are not leaving the way we should be and millenials in congress from our side of the party who are the tip of the spear putting forth best policies right now that our country and party has. matt gaetz, josh hawley, these are millenials, young republicans. stuart: those are all millenials? they are? i thought they were older than that. they should be out front representing you guys as millenials. let me ask you this. the treasury department, i'm sure you're aware of this, i'm sure have something to say about this, treasury department
10:18 am
recommends mandatory financial courses for college students that worries me. >> i'm adjunct professor. i taught at university level, i teach at law school. i'm against any type of government mandatory program. honestly stuart, i find quite ironic, a government $22 trillion in debt will mandate financial literacy classes on a problem they created through student loans. it is a very funny program to me. stuart: take oberlin college, for example, uber liberal, i really wouldn't trust them to teach finance because they are opposed to finance. they hate capital. i just don't trust that. >> i don't know any university that is able to teach finance in any way meaningful from how they spend. tuition costs are up almost 300% over last 40 years. colleges are not equipped to teach financial literacy. they need to be the ones taking financial literacy courses. stuart: that is a good one, jason, good answer. i will remember that. chair of the young republicans
10:19 am
can i put it like that. >> chair of young republicans. stuart: how old do you have to be? >> you might be out of our age group. 18 to 40 years old. we target ourselves to the young professional auxiliary of republican party. we're an official organization. we look forward to engaging more with millenials next cycle. stuart: 18 to 40. jason, thank you very much, sir, appreciate it. two-time world champ keith hernandez is on the show today in our next hour by the way. i want to talk to him about the "seinfeld" insewed, remember that one? the cameo is talked about all these years later. is he getting any financial royalties? this is financial program. we're dealing with microsoft xbox launch, launching videogame streaming service, netflix for videogames. that is what it is all about. we have a great story for you, next.
10:20 am
♪ is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪ when it comes to type 2 diabetes, are you thinking about your heart? well, i'm managing my a1c, so i should be all set. right. actually, you're still at risk for a fatal heart attack or stroke.
10:21 am
even if i'm taking heart medicine, like statins or blood thinners? yep! that's why i asked my doctor what else i could do... she told me about jardiance. that's right. jardiance significantly reduces the risk of dying from a cardiovascular event for adults who have type 2 diabetes and known heart disease. that's why the american diabetes association recommends the active ingredient in jardiance. and it lowers a1c? yeah- with diet and exercise. jardiance can cause serious side effects including dehydration, genital yeast or urinary tract infections, and sudden kidney problems. ketoacidosis is a serious side effect that may be fatal. a rare, but life-threatening, bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this bacterial infection, ketoacidosis, or an allergic reaction. do not take jardiance if you are on dialysis or have severe kidney problems. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. so, what do you think? now i feel i can do more to go beyond lowering a1c.
10:22 am
ask your doctor about jardiance today. the ♪exus es... ...every curve, every innovation, every feeling... ...a product of mastery. lease the 2019 es 350 for $379/month for 36 months. experience amazing at your lexus dealer.
10:23 am
stuart: the gain is still pretty much the same. 40 point up on the fed day. the market may change course of course this afternoon around 2:00 to 2:30. with we get results of the fed meeting. of the price of oil this morning back to $53 a barrel. just moments from now we get latest news on how much oil we america have in storage. that could move the market. we shall see. president trump, here we go, tweeting, here it is. the dems are very unhappy with the mueller report. so after almost three years they want to redo or do over.
10:24 am
this is extreme presidential harrassment. they gave crooked hillary's people complete immunity. yet now they bring back hope hicks. why aren't the dems looking at 33,000 emails that hillary and her lawyer deleted and acid washed getting a subpoena from congress? that is real obstruction the dems want no part of. their hearings are rigged, and a disgrace to our country. tell us how you feel, mr. president. we got that one. microsoft unveiling plans for new service on its xbox videogame console. it is called scarlet. hold on a second, ashley. i don't pretend to understand this. ashley: no. stuart: i'm told it would be like a netflix for video games. ashley: correct. xbox right now has a library system. you pay the game pass. you actually download games from the library but under the netflix system you get a streaming service. you don't download it, access
10:25 am
completely through streaming which is a big development. it is interesting that someone like xbox is trying to take on others. we don't know how much the subscription would be based, would cost but i think it makes sense because -- susan: like twitch which is owned by amazon. gaming service where you constantly watch games. stuart: you pay for twitch? susan: yes. ashley: subscription-based. stuart: it is a good idea. everybody streams everything these days. lawmakers in new york state agreed on what is being called an historic climate change. susan: ambitious. they want to eliminate net greenhouse gas emissions by 2050, eliminate. now they want to reduce it by 85% by 2050 from 1990 levels. from 1990 so far how much we've done? stuart: how much. susan: 8%, 8% from the last is a years. if you want to get to net zero emissions by 2050 they have a
10:26 am
lot of work. it comes with a big price tag. 40,000 manufacturing jobs would be gone. $400 million in this fiscal year switching over plans. ashley: china and india carry on, totally unfazed. stuart: no problem whatsoever. we don't know how many people will leave new york state when the draconian regulations are imposed. i expect there will be an exodus. susan: yep. stuart: thank you, susan. joe biden taking a bite at president trump. he says trump is squandering the economy he inherited from the obama administration. we'll take that one apart, believe me. nine americans have now died while on vacation in the dominican republic. is there any legal recourse for their families? good question. judge napolitano is coming up to answer it. ♪
10:27 am
hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens. and if you've got cut-rate car insurance, paying for this could feel like getting robbed twice. so get allstate... and be better protected from mayhem... like me. ♪
10:28 am
♪ heannouncer: more details incoming involving volkswagen and the growing scandal. dissatisfied customers filing complaints against the german auto maker. ♪ because a vision softly creeping ♪ ♪ left its seeds while i was sleeping ♪ ♪ and the vision ♪ that was planted in my brain ♪ ♪ still remains ♪ within the sound of silence ♪ in restless dreams i walked alone ♪ ♪ narrow streets of cobblestone ♪ ♪ when my eyes were stabbed
10:29 am
♪ by the flash of a neon light ♪ ♪ that split the night ♪ and touched the sound of silence ♪
10:30 am
♪ ♪ baby you can drive my car stuart: please. must we constantly return to kiddie pop? susan: i don't understand, what is the problem? stuart: this is song you would love. susan: i know it too. i'm very happy. stuart: baby you can drive my car. we're holding on to modest gain at the moment. 40 point up for the dow, 26,500. have we got numbers on oil? how much oil have we in storage? ashley: we do, we do. a drawdown of 3.1 million barrels. the forecast was just over a million barrels. we're using more than expected.
10:31 am
should put some downward pressure, upward pressure rather because we have less to use, we're only up 25 cents. stuart: wee were down below $54. 54.16 is the price of oil following this report. this happening too. the robert light iser testifying on capitol hill, he said and said this morning if there is no trade deal with china, they will come up with another way to help industries hurt by china's retalltation. he also said he will talk on the phone with his chinese counterpart next day or so. a meeting will follow ahead of the president's meeting with xi at the g20. that has not had any impact on market. we're still up 40 points. i think the fed meeting is of greater import there. go back to my opinion here. i think money is pouring into the united states. america, when it comes to money
10:32 am
is the only game in town. we have this for you this morning, in japan, four european countries, if you buy a government bond there, you don't get all your money back, they keep some of it, no interest whatsoever. they keep some of your money. what a rotten deal. jays -- jason capps, you know about many so of this stuff, don't you. when i say money, america is the only game in town? what do you say? >> i agree with you. for variety of reasons king dollar and the u.s. is the destination of money around the world. number one, as you point out with negative interest rates in germany but other countries money is seeking the path of least resistance where they're getting safety and higher yield. speaking of safety, whether uncertainty in financial hubs like hong kong or brexit in the uk, if you're a money manager there, you're looking for a place not only to get a return on your money, get your money
10:33 am
back, where better to look than the united states? stuart: am i right? i'm making a bold statement, money is you are pouring into the united states. i think we can see that with treasury bonds, safety and yield. but am i right about the stock market or any other assets like real estate, for example? is the money pouring in? >> i don't know if it is flooding in, but certainly the flow is in our direction. you point out, it is a variety of asset classes. you have foreigners around the world, looking for safe havens, not only risk assets like equities but real estate, places like here in new york. stuart: i want to ask you about joe biden's tweet. i'm not going to get into politics. this is still economics. this is a tweet he put out after the president's speech last night. here we go. let's be clear, president trump inherited a growing economy from the obama-biden administration and now he is in the process of squandering it. again this is not a political question. i want to know how you can justify that statement that president trump is squandering
10:34 am
the economy. i can't back that up. can you? >> you're a few innings into the game. hard to justify that. clearly joe wants to polish off some of the good from his previous administration. economy did grow, unemployment did shrink, but since trump has taken the helm, undeniable, we're 50-year low unemployment. wayne growth especially for lower earnings is growing at fastest clip in a decade. we'll see how trade materializes, but with 3% gdp print, things are moving along very well here. stuart: you manage the money of wealthy people, that is what you do, isn't it? that is basically you, private wealth management, jason katz. does the election 2020 factor at all in your strategy going forward? >> of course it does, depending on out come dictates variety of industries how it affects the sectors. there is talk of health care for all, how that affects the health
10:35 am
care industry. rolling back tax reform. rolling back some of the deregulation. we're very mindful of that. we try not to, you know, get too ahead of ourselves. people that invest in us do so in context after financial plan, custom asset allocation and on the margin we're making tactical tweaks underweights and overweights based on politics and a variety of other factors. stuart: you wouldn't want to see a socialist in the white house, put it like that? >> i don't think any american would for that matter. stuart: oh, you're getting political. you're on dangerous ground here? you don't think any american wants to see a socialist in the white house? bold statement young man. >> well you have to watch what you wish for. maybe some want that but we see what happens in venezuela and elsewhere when those types of policies take hold. stuart: wow, ubs, putting your foot in the political waters here, lad, on dangerous ground. >> you tempted me. stuart: i know i did. jason katz, you're all right. thank you very much indeed. >> my pleasure as always.
10:36 am
stuart: thanks, sir. apple is quite a story. comes from a japanese news service. panel reportedly looking moving 15, 30% of its production out of china. susan: because of the ongoing u.s.-china trade dispute. according to nikkei news, they're looking to suppliers foxconn and evaluating options. foxconn said they could move all the u.s. iphone production outside of china. according to the nikkei news the most favored places where to move the production to, mostly southeast asia. mexico is part of this. vietnam, mexico, indonesia, malasia, india. wedbush says maybe five to 7% of iphone production could moved to india. they produce intypically the lower cost independent phones. apple is investing in the country. they don't sell a lot of iphones in india. bloomberg did very interesting study. bloomberg said out of
10:37 am
217 million iphones sold last year in their analysis, 90 million of units were manufactured outside of china already. stuart: all right? really? >> china manufactures over 50%. i guess 45% already outside of china. stuart: let's not forget, tim cook was at the white house, spoke to the president of the united states. i believe last week or maybe earlier this week. there was a conversation. susan: they're investing a lot into the u.s. 35 billion over the next decade. stuart: they said it wouldn't happen. it looks like it is. billionaire and cofounder of the blackstone group, his name is stephen schwartz man, he giving a big gift to university of oxford. oxford university in england. ashley: $188 million. where does he want the money to go? the ethical adoption of artificial intelligence. he said this gift will create an ethical framework at oxford university so the rollout of ai over the next five to 10 years will limit disorder to society.
10:38 am
he is worried about mass unemployment, disruptions from these technologies. he wants oxford university to take the money, create a center, look at ethical adoption of artificial intelligence. two years ago he gave 350 million to mit. to create a computing, focused on development of ai. that is an issue very important to him. stuart: a lot of money. ashley: largest donation to oxford university since the renaissance. a long time ago. susan: paulson, hedge fund manager donated a quarter of a million to harvard. ashley: still a lot of money. stuart: a lot of money. i do own some stock in blackstone, full disclosure. ceos from more than 600 companies signed a letter to the president urging him, hey, drop the tariffs on china. one of those people, mitch modell, of modell sporting goods had been a trump supporter.
10:39 am
i think he still is. so why isn't he backing the president on tariffs. we'll ask him. he appears on this program in the 11:00 hour. aoc, congresswoman alexandria ocasio-cortez still comparing migrant detention centers to concentration camps. the top guy at i.c.e. has responded. he says aoc's comments are irresponsible and just plain wrong. we'll hear more about this after this. ♪ your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity.
10:40 am
you need decision tech. you're smart,eat you already knew that. but it's also great for finding the perfect used car. you'll see what a fair price is and you can connect with a truecar certified dealer. now you're even smarter. this is truecar.
10:41 am
today's senior living communities have never been better, with amazing amenities like movie theaters, exercise rooms and swimming pools, public cafes, bars and bistros even pet care services. and there's never been an easier way to get great advice. a place for mom is a free service that pairs you with a local advisor
10:42 am
to help you sort through your options and find a perfect place. a place for mom. you know your family we know senior living. together we'll make the right choice. ♪ call j.g. wentworth ♪ (phone ringing) j.g. wentworth, how can i help you get cash? i want to pay off my debt and move into my own place. but i need cash now to do it. do you get regular payments from an insurance company? yes. in exchange for some or all of your future payments, we give you a lump sum of cash now. call now, and you'll also get $25 for receiving a quote. (announcer) call 877-cash-now. 877-cash-now. that's 877-cash-now. >> this type of rhetoric from our elected leaders is irresponsible, reckless, misinformed and wrong. what's ironic about this, we've been saying for a very long time we have a crisis, it is real, it
10:43 am
is not manufactured, our resources are overwhelmed. stuart: strong stuff from acting i.c.e. director mark morgan, responding to, i will play it for you, responding to this from alexandria ocasio-cortez. roll it. >> the united states is running concentration camps on our southern border and that is exactly what they are. the fact that concentration camps are now an institutionalized practice in the home of the free is extraordinarily disturbing. stuart: oh, yeah. joining us now jeff ballabon. jeff, welcome back to the show. sir, let me tell everybody, you're jewish. you're orthodox. may i ask you to be somewhat restrained in your response but go. have at it. >> i will be restrained although you're right, stuart, it couldn't come easy.
10:44 am
not just being jewish orthodox, coming from holocaust survivor family. this is an unfortunate and devastatingly terrible because it is being mainstream form of holocaust denial. diminishing what happened in the holocaust. the term concentration is not used in nazi concentration camps and death cams, that is true but she related to the term, never again. never again is very clear. that applies to one thing, that applies to what happened during the holocaust, to intentional, intentional gathering in of the jews from around the world. they tried, they were able to do it in europe, to places where they could process and exterminate the jews. so there were labor camps, there were concentration camps and there were death cams but the result was to kill them out right. so far removed, besides horrific to say about our country the united states. at this time is quite the opposite, people trying to infiltrate our borders, we're
10:45 am
keeping them in places while we process them for humanitarian reasons we can discuss in a minute, while the democrats pushing their agenda to keep the crisis going. diminution of what took place in the holocaust, is criminal, that it is being mainstreamed in congress. stuart: we talked about this before, jeff, i don't see how jewish voters and jewish members of congress can stay in the same party as democrats when you got aoc saying something as, i find just disgusting, insulting as this. i don't see how the party can main those two wings? >> well let me say this. aoc invoking never again lands to, on my ears it would be akin to david duke saying, i have a dream to try to pursue his white supremacism. she is pursuing a set of policies and with extremists, extremists anti-semitic rhetoric since she pot there. not just her, a number of
10:46 am
incoming class of democrats, democrat freshmen, it's a disaster. will jews stay with the party? a lot have already left. some will stay. that has a lot to do with a dual jewish identity. there is a, there is jewish ethnic identity and jewish faith identity. the jewish ethnic identity stopped seeing themselves as minority. the they have already departed democratic party, voted for republicans especially last couple years. it wasn't just last election, lead-up to the last election. democratic party leadership, is black lives matters, women's march, what joins the groups together they're frankly all anti-semitic. stuart: you're coming to us from orlando, were you at the rally last night, if you were, what impression did it make on you? >> well it made the impression, look, it is, it was a tremendous amount of energy. people, it was extraordinarily,
10:47 am
people camped out for days waiting to get in. i have to tell you because i wear a yamulke, it was clear i was there with a media group, not with the general crowd, people were running over to bless me. stuart: really. >> to thank me. stuart: really? >> yes. we discussed this on air before. the pro-trump crowd by and large, trump himself by and large, so, feel so much affection and protective of jews as we're being attacked by left and attacks are coming more frequently. made me feel very warm. stuart: good. >> as you can imagine wearing yamulke means getting attacked these days, very much so. energy was colossal. the fight was, are the polls to be believed, they say he is not doing well. the polls were not to be believed last time. i don't believe them this time to the degree they're negative. the energy is nothing like i ever seen before. he is making america better across the board. the other thing was,
10:48 am
tremendously mixed crowd at least where i was. people joined together by a vision of america being greater. and that is wonderful thing. stuart: jeff ballabon, we thank you for your restraint. i admire it. jeff ballabon is a good man. thanks for joining us. >> good bless, thank you. stuart: i'm going to stay on the board for a moment, last hour we spoke to tom homan. he is former acting i.c.e. director. his name is being thrown out by president trump as possible future border czar. i asked him, if he would take the job. watch this. >> we'll see. look, i have had discussions on this and, do i want to leave all this? i mean, we'll see. look, i'm a patriot at heart. i come back from retirement once. will i come back a second time? never say never. stuart: he is a diplomat. he is not ruling out taking that job. that was tom homan. good man. at least nine american tourists have died in the dominican
10:49 am
republic. many more fallen mysteriously ill. any legal recourse for these people, maybe their families? the judge will handle that one in a moment. next hour two-time world series champ keith hernandez on the show. we'll talk about the "seinfeld" episode of all things. yeah, i know he is about baseball. might bring soccer in as well. this is one extraordinary guy. i call him the trump of baseball. let's see if he lives up to it. women's world cup, don't miss team usa facing sweden 3:00 eastern tomorrow on fox. of course it is on fox. today on fox, england plays japan. which is of greater interest? i'm following them both. ♪
10:50 am
10:51 am
10:52 am
10:53 am
stuart: this is happening. amtrak has halted all trains going in and out of new york penn station is because of overhead power issues. that is all we know. i don't know exactly what that is but that's the explanation. big deal at penn station. then there is this, at least nine americans have died while
10:54 am
on vacation in the dominican republic and a tv star from the show "the bachelor," says she has been seriously ill since returning from the dr. we have judge napolitano, host of from fox nation r nation is there any legal recourse. >> you have to come up with some proof. stuart: sue who? >> that is good question. can you sue the american travel agent that arranged for you to go down there? can you sue the hole tell chain which the decedent changed particularly if the chain has a is here in the united states. the goal is to sue here, with a venue that speaks english and than go down there to deal with the language and foreign law issues. how did they die? what do autopsies show? what did they ingest and where did they ingest it? who had control, i think it was
10:55 am
poisoned alcohol? who had control of the alcohol in the time period prior its ingestion? those are all questions of fact. stuart: you would actually sue everybody trying to pin liability on somebody. that is a, that is a tactic employed by lawyers, isn't it? >> it is but today lawyers usually, i know you're going to be happy near this, usually employ investigators to gather more facts rather than suing everybody because you really want to concentrate on people that have insurance policy or have deep pockets. what you really want, is an american connection. so let's just say that it's a big hotel chain. i don't want to throw a name out there, that has presence in the u.s. you would sue them where the plaintiff lives and they have a presence. stuart: okay, now suppose that i booked a dominican republic vacation. now i've got cold feet. i want out. can i get my money back? >> i can answer that question but i can't get you your money. stuart: all right. answer the question. >> you're not going to get your money back. you really take the chance when
10:56 am
you put a deposit down. stuart: that's it? >> that's it. that's a loss or go, take the chance. stuart: to me the bottom line is, terrible pr for the dominican republic. >> horrible. horrible. reports that we're getting is that the investigations are shoddy and the autopsies don't even meet american standards, which means that the result of that autopsy might not be admissible in an american court. stuart: oh. not good news. >> no. stuart: judge, thank you, sir. appreciate it. >> you're welcome. stuart: next, not next, but we do have a big-time guest coming up in the next hour. >> where is he? stuart: two-time world series champ of keith hernandez, you heard of him? >> he is fabulous. stuart: if you don't know him from baseball you might remember his cameo on the tv show "seinfeld." so popular, the "new york posts" are holding a special "seinfeld" night. keith hernandez will tell us all about it. we're three hours away from
10:57 am
getting clarity from the fed on interest rates. once that is out of the way. the president is watching trade talks with china. i say xi xinping is in a corner. that gives. my take come next. about helping her raise her first child. and when i was first diagnosed, my choice was everyday verzenio. it's the only one of its kind that can be taken every day. it gives us more time without cancer progressing. verzenio is the only cdk4 & 6 inhibitor approved with hormonal therapy that can be taken every day for postmenopausal women with hr+, her2- mbc. diarrhea is common, may be severe, or cause dehydration or infection. before taking verzenio, tell your doctor if you have fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. serious liver problems can occur.
10:58 am
symptoms include tiredness, appetite loss, stomach pain, and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, rapid breathing or heart rate, or if you are pregnant, nursing, or plan to be pregnant. common side effects include nausea, infections, low blood cells and platelets, decreased appetite, headache, abdominal pain, tiredness, vomiting, and hair thinning or loss. my relentless reason: it's them. my choice with my doctor: it's verzenio. ask your doctor if everyday verzenio is right for your first treatment. at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment.
10:59 am
beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. you may be learning about, medicare and supplemental insurance. medicare is great, but it doesn't cover everything ...only about 80% of your part b medicare costs. a medicare supplement insurance plan may help cover some of the rest. learn how an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company might be the right choice for you. a free decision guide is a great place to start. call today to request yours. so what makes an aarp medicare supplement plan unique? these are the only medicare supplement plans endorsed by aarp because they meet aarp's high standards of quality and service. you're also getting the great features that any medicare supplement plan provides. you may choose any doctor that accepts medicare patients.
11:00 am
you can even visit a specialist. with this type of plan there are no networks or referrals needed. also, a medicare supplement plan... ...goes with you when you travel anywhere in the u.s. call today for a free guide. stuart: president trump knows the market and he knows what moves it. that's why he's put pressure on jerome powell. that's why he's tweeting about mario draghi and the european market, of all things. three hours from now we get clarity from mr. powell. he's not expected to cut rates now but the market and the president will be listening to what he says about cutting rates down the road. that's very important. the other market mover that the president is keenly aware of is, of course, china trade. look at what one tweet about a g20 meeting did for stocks last week -- earlier, went straight up. now, we now know it was the president who picked up the
11:01 am
phone and called xi jinping, trying to break the logjam. the president had offered him basically a way out, because make no mistake, xi jinping is in a corner. he's looking over his shoulder at hong kong, where millions of people reject his authoritarian communist government. he worries that the protests spread to beijing, maybe. he sees a dramatically weakening chinese economy. even xi's own finance minister admits to fox business that tariffs have had a negative impact on china's economy. and xi jinping sees hundreds of countries jumping the chinese ship for vietnam, maybe taiwan and yes, america, too. that is pressure. xi needs a deal more than trump does. our president is playing a very strong hand. at the very least, we could surely expect china to buy a ton of american stuff and then maybe agree to more talks on technology and intellectual property. i think that is a plus for
11:02 am
america. president trump has the upper hand. he says he will keep those tariffs in place if there's no deal. it's xi who faces what could be a make or break decision. his leadership i think hangs in the balance. the third hour of "varney & company" straight ahead. i spoke with president xi this morning of china. we'll be meeting at the g20 and i think that is working out pretty much as i anticipated it would. china very much wants to discuss the future and so do we, so the relationship with president xi is a very good one. we had a long talk this morning. stuart: that was president trump on his way to orlando yesterday, bringing on his, i think, very hard line on china. donald luskin is back with us.
11:03 am
you may have heard what i said a moment ago. xi jinping is in a corner. i think he needs this deal more than we do. what do you say? >> i agree. he's eating lunchty very, very bad restaurant, man. his choice is between an agony sandwich and a painburger. he's got no way out. he's either going to have to give in to donald trump of all people and open up china to be less protectionist which is all trump is asking, or he can resist trump and throw his country into recession, at the same time as there are two million rioters in the streets of hong kong. the real problem he's got is holding china together. china is famous for having a huge amount of industrial overcapacity. there's one industry, though, where they might not have enough. that's the rubber bullets industry, because that crowd of two million in hong kong, we got enough to take them out but if
11:04 am
riots like that ever happen on the mainland, we are talking about 100 million participants. stuart: hold on a second, donald. let's bring it down a notch or two, shall we? >> maybe one. stuart: what i think we are going to get is a handshake, a smile at the xi jinping/trump meeting, handshake, smile, i think they will buy a ton of stuff from us and agree to a framework to talk about intellectual property and theft of technology. i think that's what we're going to get. do you think president trump will be happy with that? >> i don't think that's what we are going to get because trump won't be happy with that. they offered that a year ago. treasury secretary mnuchin went on all the sunday talk shows saying oh, great, we got a trade deal, war is over. trump just blew that out of the water with one tweet saying that's not enough. we want real structural reforms. if he's got xi over a barrel, why not drive him all the way to
11:05 am
cleveland, man? that's the opportunity here. stuart: hold on a second. let me go through this. good stuff, tell you that. as of right now, the markets are showing a modest gain for the dow. this is really all about waiting for the fed decision coming up this afternoon. okay. now, we are watching interest rates on this fed day. look at this. this is the ten-year treasury yield, 2.09%. historically very low. donald, come back in again here. you've got three reasons why the markets would be happy with a cut. you mean a cut now and more to come? is that what you're talking about? >> if it's time for a cut, it's time for a cut now. i don't see what purpose at all is served by having no cut today but then a little statement saying well, maybe we will have a cut in six weeks at the next meeting. if it's time for a cut, it's time for a cut, and it is time for a cut. the ten-year bond yield is more than one rate hike below the fed funds rate. so even if they cut rates once today, you would still have an
11:06 am
inverted yield curve. the fed has not hit its inflation target any more than six times in the last ten years. there's no inflation threat. in fact, inflation is dangerously low. and you have an inverted yield curve. and jerome powell has all his excuses. remember that little statement he made about two and a half weeks ago, where he said well, we are getting a little bit cautious because of these trade tensions and other matters. so he's got it all set up. so he doesn't have to admit that he tightened wrongly in december. oh, no. he can do what everybody does. blame trump. so i think there's going to be a rate cut today and i think that's going to be the narrative around it. stuart: you are a fine tv performer, but admit it, please, if they lowered rates today, the world would say oh, you're just caving to president trump. that's what they would say. >> that would be the wonderful unintended consequence. another victory for trump and on to 2020. stuart: you know, if i ever
11:07 am
retire i think you might want this job. you couldn't take the pay cut. okay. you're all right. see you again soon, sir. thank you. >> thank you. stuart: like i said, all eyes on the fed this afternoon. 2:00 sharp, you get the rate cut decision. that's followed by a press conference held by chairman powell. watch it on fox business, please, because that, i really believe, will move the market. one way or the other. big money starting to pour into the 2020 race on both sides of the aisle. vice president biden, former vice president, joe biden held a wall street fund-raiser monday. i think 180 people showed up and i believe he pulled in about, what, $500,000 for biden's campaign. he hopes to bring in $20 million for this entire quarter. i want to straighten that one out. pocket change compared to the president's numbers. check this out. a tweet from the rnc's ronna romney mcdaniel. quote, president trump has raised a record-breaking $24.8
11:08 am
million in less than 24 hours for his re-election. the enthusiasm across the country for this president is unmatched and unlike anything we have ever seen. lot of that money, by the way, came in the form of small donations. that was for president trump. 24.8 million, 24 hours. individual stocks that are moving. we will check them for you. amazon ramping up its delivery service. even more boeing planes joining their fleet. just got a deal to rent 15 more 737s, part of their $800 million plan to bring free next day delivery to prime members. look at apple. reportedly looking into, this is a japanese news report, looking into moving 15, maybe 30% of their production out of china. they have asked partners and suppliers to explore other countries to set up shop. apple stock at $198. look at viacom and cbs, media giants. cbs is looking to buy out
11:09 am
viacom. they will make an offer within the coming weeks. no word yet on a set price. both stocks up a little. coming up, yeah, two-time world series champion keith hernandez with us here in our studio. a lot to talk about. does pete rose belong in the hall of fame? is he watching the world cup? what does he think is more entertaining, baseball or soccer? i've got to get into that. as an interview, you don't want to miss it. he's a great guy. first we talk to the ceo of modell's, mitch modell. he's one of 600 companies that signed the letter to the president saying tariffs were bad for america. he's a trump supporter. why is he going against the president on this one? well, he's with us and will make his case for himself. in my line of work,
11:10 am
i come face-to-face with a lot of behinds. so i know there's a big need for new gas-x maximum strength. it relieves pressure, bloating and discomfort fast. so no one needs to know you've got gas. gas-x.
11:11 am
11:12 am
11:13 am
stuart: all the disney fans flocking to the parks because of "star wars." here's the news. prices are going up again. deirdre: second time this year, stuart. the company is raising ticket prices based on how crowded they think certain days will be. they are up about 30% across the board. this affects individual tickets -- stuart: wait, wait, wait, wait. are you telling me that all of a sudden, they are jumping prices 30% now? deirdre: true. stuart: 30%? deirdre: yes, 30%. before you would pay about $100, $120. now they are up to $150 per head. i'm not going through every single package that's available, in terms of family plans and things like that, but they expect this disney galaxy's edge to be such a big hit in florida, i want to underline it's already open in california, it will open in august, at the end of august in florida, so basically, yeah, they are expecting a lot of foot
11:14 am
traffic. stuart: if you get -- here's what i'm seeing. if you get the premier annual pass, one person, $2,099. that gives one person access to all parks any time they want to go. deirdre: any time. it's like a passport. they call it a disney passport. stuart: free parking. deirdre: it comes with all kinds -- you can have breakfast, you can have characters sitting on your shoulder, chip and dale while you eat your breakfast. i will say i was in california, as you know. i was able to ride the millenium falcon and pilot it. it is pretty cool and do understand fans would be very into this. stuart: the theme parks, disney, around the world globally, take in $20 billion in admission. $20 billion. ashley: doesn't matter how much they put the price up. people go. deirdre: if you measure by revenue, it is the biggest contributor to disney's bottom line. stuart: thank you, disney.
11:15 am
deirdre. listen to this for a second. the ceos of 600 of the largest companies in america sent a letter to president trump saying hey, knock off the tariffs with china, please, they are killing us. i can't believe this. one of the ceos who signed that was mitch modell, the ceo of -- and president of modell's sporting goods. he's with us now. you're backstabbing the president. you are supposed to be a trump supporter and you are stabbing him in the back just as he's going into trade meetings with xi jinping and you are saying knock off those china tariffs, mr. president. what are you up to, modell? >> we are trying to be supportive and give him advice. listen, there's a reason why 600 manufacturers and retailers are testifying this week in front of the u.s., you know, office of -- stuart: right, right, right, right. >> -- regarding tariffs because at the end of the day it is going to cost the consumer tremendously. 70% as you know of consumers represent the gdp.
11:16 am
if prices go up, spending's going down, gdp is going south. stuart: you had to go and tell the president hey, knock off these tariffs, you're smiling, just as he's going into trade negotiations with china. you had to do it now. you just had to do it now. >> when you called me, i couldn't resist, stuart. no, i tell you, i think a deal's going to be done at the g20 summit. there's no question in my mind. there's too much pressure from every industry association. every retailer, every manufacturer. it would be crippling. i mean, the consumer confidence is great. this would be devastating to the consumer confidence. stuart: can't you make those yankee shirts, can't you make them some place else? >> they happen to be made here but when you think about this fourth tranche affects 273 categories. 88% of the toys that are sold in the u.s. is made in china. 72% of footwear is made in china. 43% of apparel is made in china. sold in the u.s.
11:17 am
this would be a devastating effect. stuart: that would be if more tariffs are imposed. >> if the $300 billion, right, the $300 billion he's talking about get hit with this 25% tariff. stuart: we have already got the 25% tariff on $200 billion worth. >> correct. this is another 300. stuart: i don't see prices going up that much right now. i see a lot of manufacturers relocating out of china. they are getting hurt. >> a lot of people are going to southeast asia, indonesia, vietnam. a lot of footwear companies. but it's not going so much affect this year but what will happen next year. most of the goods are already made already. next year will be the effect if this thing goes into effect. stuart: you are crying wolf and stabbing our president in the back. >> absolutely not. hopefully, this thing will be resolved. listen, everyone's concerned about the effects that china could have, whether it be regulations, slowing down imports, slowing down container shipments. this could be devastating for the economy. stuart: they're in the corner, not us. they're in the corner.
11:18 am
xi jinping is looking over his shoulder at those riots in hong kong thinking good lord, i don't want this to go to beijing. he's looking over his shoulder at an economy that's really hurting much more than ours. he's looking over his shoulder at companies leaving china in droves to produce elsewhere. he's under pressure. and you are pressuring our president. stop smiling. >> but when he says he will go to his death to fight this war it's not a good thing. we have to come to our senses and get resolved with china. stuart: are you giving me free stuff with -- you giving me a little gift card? >> i think they expire add 10:00. what time is it? stuart: oh, i've got to distribute these to the crew. okay. mitch modell, that's your name, seriously, thanks for being with us. we appreciate it. >> always a pleasure. stuart: i don't want to give you too hard a time but you deserve it. thank you, mitch. i'm terrible, aren't i? ashley: you are. stuart: you're not smiling now. the price of oil this morning is
11:19 am
down. we are at $53.87 per barrel despite the fact that we actually drew down from our oil stockpile. the price of gas, down a fraction of a penny at $2.67 national average but that is down for 18 straight days. the big airlines, the pesky baggage fees adding up. airlines have racked up about $1.3 billion worth of those fees already this calendar year. $1.3 billion for excess baggage fees. the stock, american, delta, continental, up. southwest, jetblue, down. there's a new member of the $100 billion club. who just joined? jeff bezos and bill gates in the world's most exclusive wealth club. of course we will tell you after this. fact is, every insurance company hopes you drive safely.
11:20 am
but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands?
11:21 am
11:22 am
at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment.
11:23 am
beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. it's a revolution in sleep. the sleep number 360 smart bed now from $899... senses your movement and automatically adjusts on each side to keep you both comfortable. and snoring? how smart is that? smarter sleep. so you can come out swinging, maintain your inner focus, and wake up rested and ready for anything. only at a sleep number store, don't miss the queen sleep number 360 c2 smart bed, now only $899. plus, 0% interest for 48 months on most beds. ends wednesday. stuart: so who is the newest member of the $100 billion club? that man right there.
11:24 am
he's europe's richest person, the chair of the luxury company lbmh, louis vuitton and others. he joined the ranks yesterday as his company's stock rose about 3%, increasing his net worth by almost $32 billion. that's this year. his net worth now equals, what, 3% of france's entire economy. u2's well-known guitarist known as the edge, he lost a 14-year battle with l.a. county regulators. he wanted a huge five building, five swimming pool complex built into the side of a malibu hillside. the regulators say oh, no, that would damage an environmentally sensitive area, meaning he still hasn't found what he's looking for. ashley: nice one, stu. stuart: that's a reference to a u2 song written for me, scripted for me because i don't know. thank you very much indeed. on your screen, the closest
11:25 am
photo ever taken of the surface of an asteroid. look at it. it's called benu. nasa's asteroid watching spacecraft snapped the shot from earli earlier, about half a mile away. that's pretty close. one more. check out this shocking video of a great white shark off the coast of new jersey. 16 feet long. it stalked a fishing boat and sava savagely attacked the bait. we had to bleep out some of the commentary. inches from the camera, that's a huge great white. how about that. president trump was on fire last night talking about the economy. joe biden was listening. now they are getting into it over who gets the credit for the economy. we will explain it all after this. i'm really into this car,
11:26 am
11:27 am
11:28 am
11:29 am
but how do i know if i'm getting a good deal? i tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if i'm getting a great price. this is how car buying was always meant to be. this is truecar. stuart: dow jones average up, what, 40 points. pretty even split between winners and losers on the big board. everybody's waiting for the fed decision, 2:00 this afternoon. president trump kicking off
11:30 am
his 2020 campaign in orlando last night. yeah, he touted the roaring economy and yes, he took a jab at the previous administration. roll that tape. >> remember the statement from the previous administration? you would need a magic wand to bring back manufacturing. well, we'll tell sleepy joe that we found the magic wand. stuart: joe biden fired back. here's his tweet. let's be clear. president trump inherited a growing economy from the obama/biden administration and now he's in the process of squandering it. that's joe biden. senator kevin cramer with us, north dakota republican. i will break this down into two. first of all, mr. biden says that trump inherited the obama/biden economy. what do you make of that? deal with that first. >> well, the first thing i would say is that's right in line with what they were saying over the eight years of the obama
11:31 am
administration that everything bad that was happening was george bush's fault so clearly, obama did everything right and nothing wrong. but let's also remember, the president inherited high taxes and lowered taxes. the president inherited an unprecedented amount of regulatory burden which he has greatly reduced. these things resulted in this great economy. by the way, when it comes to manufacturing jobs and other things, i know a thing or two about energy jobs, and energy dependence and energy security and energy dominance and this president has made a very concerted successful effort to make america energy secure and energy dominant. that has resulted in lots of jobs, not just in the energy field. stuart: you've got jobs to spare in the dakotas. >> we've got lots of jobs. come on out. stuart: deal with the second half of that tweet. where joe biden says that mr. trump is in the process of squandering the economy. i don't know where that comes from. can you explain this? >> the only thing i can imagine
11:32 am
is that maybe he's referring to some of the trade issues and trade talks that are going on, but what i see him doing is not squandering the opportunity, but using the momentum of this dynamic economy as leverage with other countries who want to be players with the united states of america and to those who don't, he's using our success again as momentum and leverage, not squandering. stuart: i would imagine that in the dakotas, north and south, the president's message of a rip-roaring economy plays very, very well. you're not in danger of losing your seat, are you, senator? >> well, the good news is i have five and a half more years so either way it's good by me. but you are exactly right. that message does resonate in the dakotas not just because we have a good growing economy, not just because donald trump has done a lot of things that are good for us, for our economy, but because this is what we believe in the first place. i call it normalville usa in what used to be flyover country. now presidents, vice presidents
11:33 am
and cabinet officials visit quite regularly to see things on the ground and create relationships that benefit the workers as well as the boss. so no, we like his message a lot. stuart: i haven't got much time. i just want to squeeze this question in. i know that north dakota produces well over a million barrels of oil a day. but i don't know if south dakota produces any oil or other forms of energy. do you? >> well, the only way south dakota can produce oil is if they suck it out from under us. so this horizontal drilling thing is going a long way but we do not let folks take our oil out from under us. they do have a little bit of oil in the very northwestern part of the state, the more traditional wells but i don't know that anybody is producing there. north dakota is so rich, so accessible, the technology has been so perfected and it just gets more and more productive and less expensive, frankly, to get every day. that's why we are enjoying such tremendous success. stuart: that is a great american
11:34 am
story. i've got to say. senator, thank you very much for joining us, sir. >> thanks for the opportunity. my pleasure. stuart: yes, sir. i want to check back to facebook, very much in the news. looks like they just announced digital currency, libra, it's going to fall under congress's microscope, not in a very good way. deirdre: exactly right. most lawmakers want hearings. in fact, if you look to democrat maxine waters, she actually wants facebook to halt the development of libra until congress and regulators have had a chance to review it. obviously putting some brakes on facebook's plan. senior republican of the house financial services committee patrick mchenry saying as well there should be a hearing on this, that this is too far-reaching to just let this develop without anybody's eyes and ears on it, congress and regulators. i want to mention facebook's c.o.o. sheryl sandberg speaking earlier today saying we need to meet with people, talk to people, then we will launch. you can tell she's trying to reassure regulators and
11:35 am
congresspeople that they are going to do this in lockstep with numerous partners, that's one of the advantages, that their digital wallet system is being developed right now with more than two dozen companies and facebook has said its goal is to have 100. stuart: i think it's a terrific idea. it took the stock way up. the stock has only backed off a little bit. we were in the mid 190s a couple days ago. now 186, down a couple bucks. but that's not a big pullback. deirdre: it's a more stable, libra is more stable than bitcoin because it's actually backed by hard assets. short-term government securities versus peer-to-peer understanding. stuart: i think that could be a huge winner. deirdre: i think so, too. stuart: an actual winner for facebook in the long run, if they get this thing off the ground. by the way, bitcoin is now right there at $9,000 per coin. now, if you are a fan of netflix's "stranger things" or maybe fortnite, the game, listen to this. the show's ice cream shop, scoops ahoy, it was featured in
11:36 am
the game, fortnite. hinting i guess at a crossover? well, leaked code from the game's newest update reveals that you will be able to play as some characters from the show. deirdre: that's exciting for a bunch of 12-year-old boys. stuart: many of whom are in our viewership. ashley: entrepreneurs. stuart: adam sandler's murder mystery broke viewing records on netflix. 31 million households watched the movie in the first three days. by the way, netflix only counts a view if you watched it at least -- if you watched 70% of the movie. deirdre: that's fair. stuart: you have to watch to score. netflix up to $362. that stock has done well recently. we have to go beyond meat. one of our market watchers said there are not a lot of shares available. that accounts for the pricing wild swings. it was up over $200 just a couple days ago. now it's at $170.
11:37 am
we follow it because it's a phenom. ashley: it is. stuart: ipo phenom. tomorrow we will be joined by a celebrity chef, carla hill, who says she likes the meatless trend. she follows it even though she likes meat. she is on the show tomorrow. now this. massive cocaine bust in philadelphia to tell you about. how much was it? how much did they get? ashley: 16.5 tons of cocaine, 15,500kilos. took up seven containers on this ship. think about that. estimated street value, approaching $1 billion. now, what it meant for the u.s., it wasn't meant for the u.s. they have arrested a couple people involved in this. most of the crew being looked at, as you can imagine. this ship stopped in philadelphia but was due to go on to europe with stops in the netherlands and france. that's where they believe the ultimate destination was. packed on to the ship somewhere
11:38 am
off the coast of south america. stuart: how many containers? ashley: seven. stuart: 16 tons of it. a billion dollars. ashley: biggest ever in the philly area. this is remarkable. stuart: i can't remember a drug bust that size. it's huge. all right. here we go. two-time world champ keith hernandez joining us shortly in the studio. lot to talk about with him. the "seinfeld" episode. why isn't keith doing more acting. is he getting royalties from the "seinfeld" episode. this is a financial program. we will talk money and get into baseball as well. that is a promise. here he comes. experience the style, craftsmanship and technology
11:39 am
that have made the rx the leading luxury suv of all time. lease the 2019 rx 350 for $399/month for 36 months. experience amazing at your lexus dealer.
11:40 am
we're on the move. hey rick, all good? oh yeah, we're good. we're good. terminix. defenders of home.
11:41 am
11:42 am
what is he waiting for? thought he was a cool guy. >> come on. i won the mvp in '79. i can do whatever i want to. >> this is getting awkward. >> well, good night. >> good night. who does this guy think he is? >> i'm keith hernandez. stuart: sports fans, you may not believe it but i have never seen that before. that was a revelation. man, you really kissed her, didn't you. all right. look who's here. the kisser. the man himself. keith, welcome to the show. >> it's a great pleasure to be here. stuart: now, we played that clip because this is special "seinfeld" night for the mets, isn't it? >> oh, it's coming up. i think the latter part of june.
11:43 am
i'm not sure of the date. they are going to have "seinfeld" night. stuart: that's the only reason we were allowed to use that clip. you realize that? . >> that's the one scene everybody wants to play, too. i can tell you it took eight takes. stuart: you started out -- >> i botched it. stuart: as you know, this is a financial program. you still get royalties? >> yes, i do. stuart: okay. now, you have written a memoir. i think it's called "i'm keith hernandez." speaking of your appearance on "seinfeld" that's going -- tell me again, when is it coming up? >> i'm not sure of the date but it's a bobblehead night. jerry will be at the ballpark. stuart: july the 5th. >> there you go. stuart: i have to tell you. >> i'm supposed to know that. stuart: you do color commentary for the mets? >> yes, i do. i have been for, gosh, almost 20 years. stuart: you know why you're popular? not just because you were a great player and you won in the world championships, not just that, it's because you speak
11:44 am
your mind. that's why i call you the donald trump of baseball. do you object? >> i think i'm the stuart varney of baseball. stuart: that's the worst fake british accent i have ever heard in my life. but you do. you speak your mind, don't you? >> i have to give credit to the ownership. when we started the network which is owned by the pond family, they put us together and we have been together since 2006, i believe, they wanted a fair and non-biased broadcast, honest broadcast, and we have never been censored or anything. he wants to give the fans what our thoughts are. stuart: that's what's attractive. often people are so guarded in their comments about anything. you are always on your guard. you have to be politically correct. but you don't care about that. you wade right in. let me ask you this. should pete rose be in the hall of fame? >> oh, that's a tough one. i can tell you this. when i was 18 years old out of high school, first year in the
11:45 am
minor leagues, every spring training i had been to, i played 20 years professionally, the fbi and the head of the commissioner's security office comes in and makes a big speech in front of the minor leaguers and the major leaguers about gambling, and what to watch for, the checks and balances, and what the penalties are. pete is unquestionably a hall of famer. but gambling is the worst taboo and you know, you've got shoeless joe jackson with the black sox in 1918, '17, whatever it was, that scandal where it all started, really. so my feeling is if he gets in, it has to be posthumously. stuart: okay. so after his death. >> yes. stuart: okay. i asked him that question on the show, because he was a guest of mine just a couple of weeks back, and he said he's over it. he's past it.
11:46 am
roll that tape, will you? let's get his response to when i asked the question. roll it. you an angry guy? you're not in the hall of fame. >> no, i'm not angry. stuart: i'm not going to raise all that over again. are you angry? >> no, i'm not angry. why would i be angry? i'm the one that screwed up. i'm not going to get on your show and complain about not being in cooperstown. i'm the one that messed up and i'm willing to go on with it. stuart: he was an honest guy. >> well, i did not see that interview but that was very powerful, what he said. i played against pete my whole career, my entire career. he was a generation ahead of me. there's very few people in any walk of life that can make people better around him, and pete was one of those guys that made everybody around him, the philadelphia phillies when they won, what was it, my memory, 1980, they had lost prior in the '70s, they had great teams with mike schmidt and steve carlton but they could never get past
11:47 am
the dodgers. i firmly believe if pete rose did not come to philadelphia and play for the phillies they never would have won a world series. that's the kind of infectious player he was. stuart: you were a similar type player. i think you were. i do remember way back when. i have been in america 40 odd years. i remember way back when. you were an aggressive, hustling player. you wanted to win. >> well, yeah. what are we here for? stuart: but you went all out to win. winning was everything. >> well, i'm spanish. i'm emotional. i played with emotion. a lot of guys i played with, different personalities, you got 25 players and it's a big potpourri of person althoualitp. some are laid back and put off the impression they don't care but they do. i was one of those fiery guys. stuart: i asked pete rose this. you a trump supporter, you like trump. do you? >> yes. stuart: you do? >> yes. stuart: you are open and honest about it and you are in new york. how do you get away with that? >> barely. stuart: you're keith hernandez.
11:48 am
do i have to write the script for you? >> you are putting me on the spot. stuart: no, i'm not. this is entertaining. would you say this. you are such a good guest, i'm going to hold you over for another block. can you believe that? >> glad to stay. stuart: i'm told i have to read this. because in a moment, we are talking world cup soccer. team usa was criticized for their celebrations during their win over thailand. i want to know, does keith hernandez think they went too far. if you want to stick around and answer that question, stick around. >> i will stick around. stuart: back in a moment. take this break, please. let's take a look at some numbers:
11:49 am
11:50 am
4 out of 5 people who have a stroke, their first symptom... is a stroke.
11:51 am
80 percent of all strokes and heart disease? preventable. and 149 dollars is all it takes to get screened and help take control of your health. we're life line screening... and if you're over 50... call this number, to schedule an appointment... for five painless screenings that go beyond regular check-ups. we use ultrasound technology to literally look inside your arteries... for plaque which builds up as you age- and increases your risk for stroke and cardiovascular disease. and by getting them through this package, you're saving over 50%. so call today and consider these numbers: for just $149 you'll receive five screenings that could reveal what your body isn't telling you. i'm gonna tell you that was the best $150 i ever spent in my life. life line screening. the power of prevention. call now to learn more.
11:52 am
stuart: put him on the screen. not the world cup yet. not me. put it there. that's keith hernandez. he's still with us. he says he will stay over for another block. >> yes, i will. stuart: what a guy. >> well, to be on your show? stuart: flattery is the mother's milk of television. thank you very much. which would you rather watch, 90 minutes of end-to-end soccer, vigorous action, or three and a half hours of baseball? >> neither.
11:53 am
neither. stuart: you're not a soccer fan? >> i am -- i guess i'm an american. i grew up with baseball, basketball, football. stuart: i'm a citizen of this place. >> i know. there was no soccer in the '50s when i was a kid growing up. hardly any soccer. stuart: are you watching the world cup? >> no, i'm not. stuart: why not? >> i just don't have an interest. stuart: the united states is killing them. >> it's a free country. stuart: what about the celebrations? this is a serious question. when they beat thailand, what was it, 13-nil, you're not aware of this but they beat thailand 13-nil, they were high-fiving and celebrating in the middle of the field and people thought that was kind of unsportsmanlike. what do you say? >> well, i think it's in every sport and it's probably everyone looking for their espn moment. espn has a lot to do with it. there's a lot of celebration even in baseball now. when we played, you got around the bases, you hit a home run,
11:54 am
and you just got in the dugout and did your high fives there and shaking hands. but they are doing it all out on the field now. that's just part of the whole -- stuart: you like it or you don't like it? you can live with it? >> i can live with it. i have come to terms with a lot of things change and i'm old now. i have been out of the game -- i have been out of uniform since, what, almost 30 years. stuart: may i ask how old you are? >> 65. first year of medicare. stuart: how old do you think i am? >> that's a toughie. stuart: no, it's not. >> i will say you're 65. deirdre: wow. stuart: give him another block. i'm 71. are you an investor? >> yes, i am. stuart: what's your style? you like stocks or -- >> i diversify like everybody else. i am building for my retirement. it's been very good with the stock market coming up.
11:55 am
stuart: yeah, sure. >> i have been in it a long time. stuart: you are risk-averse? >> i am, because my power earning days are over, and i have got to look to my future. i'm not going to be able to make the money i'm making, i'm not going to do to, what i'm doing with the mets now, forever. i've got to have it all laid out so i can live the lifestyle i'm used to. stuart: why do you like trump. >> why do i like trump. i think that, well, the economy. i think the people have gone to wo work, all different races and creeds and colors, the unemployment is down everywhere. i think he's helped everybody. stuart: he says what he thinks. >> he does. stuart: he speaks like ordinary people. >> i think that the world is starting to understand that when he says something, it's not just another politician that's blowing smoke and that he means what he says. stuart: right after his victory in 2016, i am told that you
11:56 am
walked down the red carpet at mar-a-lago. >> yes, i did. stuart: and they took pictures of you. >> yes. i was a vip. stuart: there was hell to pay. >> the twitter world is very north and south and polar would be the right word. i have my life to live. it's a free country. i can believe what i want. i respect what anybody else feels. i just don't get involved in conversation. only with you. stuart: it's your life and you are going to live it. you are a hell of a good guest. thank you very much for being with us. >> my pleasure. i was really thrilled to be here. stuart: thank you, sir. that's flattering. i'll take it. listen to this, please. as i said earlier, you can watch coverage of the women's world cup, that's an offer, on fox, hernandez, on fox, the undefeated u.s. team plays sweden tomorrow at 3:00 p.m. eastern time, and the english team plays japan today at 3:00, on fox. back after this.
11:57 am
. .
11:58 am
11:59 am
stuart: keith hernandez, great guest. he left the studio. to be honest, ashley, i had not seen that "seinfeld" clip before. i didn't know what you were talking about. >> i glad he told you it took eight takes. he botched it. he amazing guy. what a fantastic conversation you had with him. stuart: he is a good man. >> i watch every "seinfeld," every episode. i loved him. he is great. jerry develop as man crush on him in that segment. jerry want to hang out with keith hernandez. you can see why. he is a great guy. stuart: market on pause i guess you could say, waiting for the 2:00 announcement on interest rates on the federal reserve. by the way, i got to tell you
12:00 pm
this, next, neil interviews jeffrey gundlach, double line ceo, so-called bond king, coming up moments from now. my time is up. neil, it is yours. neil: thank you very much. no hernandez. he is a baseball player i guess? okay. i'm up to speed. we are awaiting the federal reserve's decision an hour or so we'll get hints, two hours we'll know for sure. it is the tone of that announcement, whether triggers a cut today, unlikely, whether one deemed last month likely. what the fed chairman has to say. prospects of trade, what he has to make of that. all the talk on cutting interest rates began with the fed chairman all but saying we have countries, by extension, think about the president's back, if everything hits the fan, we have a trade quagmire on hand, whatever you want to say, major market


info Stream Only

Uploaded by TV Archive on